MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services affirmed
HeidelbergCement AG's unsecured debt ratings at the same level as the company's
corporate credit rating, saying there are sufficient factors mitigating
structural subordination to eliminate a rating difference between the two.
The agency affirmed the 'BBB-' senior unsecured debt and 'A-3' short-term
debt ratings on the Germany-based cement maker. It also took the ratings off
negative watch.
It said the main mitigating factor is the upstream guarantees with an expiry
date at the repayment of the dollar-denominated bonds of Hanson Ltd, formerly
Hanson PLC, which has been a wholly owned unit of HeidelbergCement since Aug 23.
This unit provides upstream guarantees to all of HeidelbergCement's
financial liabilities.
TFN.newsdesk@thomson.com
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